Walnut Commons, the first downtown apartment complex built in many years, sold for $15 million, one of the developers said.
John Clark said the initial estimate on the project was $11 million and it wound up costing around $12 million to build.
"We're very pleased with the sale," he said.
Mr. Clark, along with partners David Hudson and Bob McKenzie, are selling their stock to a large real estate investment firm. There will no deed transfer.
The trio spent years developing the site at Walnut, Aquarium Plaza (Second Street) and Riverfront Parkway. The 100 apartment units were quickly leased when it finally opened last year.
The pending sale is to APRO II LLC, that already has a portfolio that includes 29 multi-family properties with approximately 6,000 rental units.
Mr. Clark noted that the same firm bought the Bread Factory Lofts development, which is on the Southside, earlier this year.